Caliber Home Loans Review for 2022

Caliber mortgage rates

Caliber Home Loans mortgage rates are fairly low on average, but its closing costs and lender fees are middle-of-the-road compared to other major lenders.

Keep in mind that average rates and fees take into account all sorts of borrowers. Your specific mortgage interest rate will depend on your loan amount, type of loan, and your financial eligibility.

Home buyers with excellent credit could stand to get a great deal from Caliber. But the only way to know how good a rate you’ll qualify for is to request a quote.

Average mortgage rates at major lenders

	Caliber Home Loans	Rocket Mortgage	Wells Fargo	Freedom Mortgage
Avg 30-Yr Interest Rate, 2021¹	2.99%	3.00%	3.14%	2.66%
Median Total Loan Costs, 2021¹	$4,468	$4,670	$3,600	$3,880
Median Origination Fee, 2021¹	$1,224	$2,430	$1,330	$0

Average rate and fee data sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

Caliber Home Loans review for 2022

What are the benefits of using Caliber for a home purchase or refinance? Here are some key ones:

Wide range of loan options. Whatever type of loan you need, you’re likely to find it here
Personal service. Great for those who like to deal with people
Good technology. Under-the-hood IT means many loans can be processed quickly, sometimes within 10 business days
Options for first-time home buyers. Works with some down payment assistance programs and borrowers with moderate credit

But, as always, there are some drawbacks, too.

A big one is that you can’t compare Caliber mortgage rates at a glance. There are no advertised rates online, and you need to create an account and fill out an application before you have any idea of what your interest rate will be.

In addition, Caliber requires a minimum credit score of at least 620 — even for FHA loans. Many lenders will start at 580 for those. So if your credit is on the low end, this might not be the ideal lender for you.

Working with Caliber Home Loans

After creating an account, Caliber gives you the option to apply for a mortgage online. You can upload documents to the web portal and even track your mortgage application via a mobile app.

Anyone who likes dealing with real people may enjoy working with a Caliber loan consultant. That person should guide you through the entire loan process, from selecting the best loan for your needs through preapproval, the application process, and closing.

Caliber also has state-of-the-art underwriting technologies, which it claims enable it to take “eligible borrowers from application to closing in record time — as little as 10 business days*.”

However, that *asterisk is important. Because it leads to a warning that not all loans are appropriate for accelerated digital delivery. Caliber says, “Processing and closing times vary depending on the nature and complexity of the transaction.”

Borrowers with a troubled credit history or self-employed income, for example, often require manual underwriting that can lengthen the processing time. Still, many are appropriate for an expedited closing, and that’s an impressive level of service.

Caliber Home Loans customer service reviews

Caliber gets solid customer service reviews across the board.

The company receives fewer than one complaint per 1,000 customers, according to the Consumer Financial Protection Bureau (CFPB). And it was middle of the road in J.D. Power’s most recent Mortgage Origination Satisfaction Study.

Caliber Home Loans is also accredited by the Better Business Bureau (BBB) where it maintains an A+ rating. And average reviews across online forums give it a respectable 4.7 out of 5 stars.

	CFPB Complaints, 2021⁴	Complaints Per 1,000 Mortgages, 2021⁵	J.D. Power Satisfaction Score, 2021⁶
Caliber Home Loans	84	0.21	850/1,000
Rocket Mortgage	376	0.24	876/1,000
Wells Fargo	488	0.58	832/1,000
Freedom Mortgage	262	0.35	829/1,000

Mortgage loan products at Caliber

Caliber Home Loans offers an exceptionally broad range of both conventional and government-backed mortgage products. There are plenty of loan options whether you want to buy a new home or refinance one you already own.

Conventional loan: A loan conforming to guidelines established by Fannie Mae and Freddie Mac. First-time home buyers can often qualify with a 620 FICO score and a low down payment of 3% of the purchase price. Keep in mind that conventional loans require private mortgage insurance (PMI) with down payments less than 20%
FHA loan: Backed by the Federal Housing Administration, this type of loan offers down payments as low as 3.5% and opportunities for borrowers with imperfect credit scores. However, you’re on the hook for mortgage insurance premiums (MIP) for the life of the loan
FHA 203(k) rehab loan: This government-backed loan covers both the purchase and renovation of a home, all in one
VA loan: Guaranteed by the U.S. Department of Veterans Affairs, eligible borrowers can qualify with as little as $0 down. But it’s only for eligible groups, including veterans and active-duty service members
USDA loan: This zero-down loan program is offered by the U.S. Department of Agriculture. The home has to be located in a USDA-designated rural or suburban area, and the borrower must have a low or median income for the area
HomeOne: This Freddie Mac loan program features a low down payment requirement of 3% and a minimum 620 FICO score. There are no income or geographic restrictions, and you’re not limited to a single-family home
Home Possible: Another low-down-payment mortgage from Freddie Mac intended for buyers with low to moderate income. Credit score requirement of 620 and minimum down payment of 3%
HomeReady: This Fannie Mae loan program also features a low 3% down payment. A minimum credit score of 620, income limits, and homebuyer education course apply
Homestyle Renovation Loan: This option from Fannie Mae can be used to finance the purchase and remodel of an existing home
Jumbo loan: Caliber’s SmartEdge program is a jumbo mortgage for those who need to borrow more than the conforming loan limit, which is $ in most areas of the U.S. Loan amounts of up to $3 million are available to qualified borrowers
Jumbo interest-only adjustable-rate mortgage: Again, loan amounts of up to $3 million are allowed. These interest-only loans have ultra-low monthly payments from the start, but you won’t be reducing the amount you owe every month
Investment loan: Real estate investors can use Caliber’s SmartVest loan to finance the purchase of an investment property
Fixed-rate mortgages: Loan terms of 10, 15, 20, or 30 years. Your interest rate is fixed for the life of the loan
Adjustable-rate mortgages: Adjustable-rate mortgages have an initial fixed-rate period of 3, 5, 7, or 10 years. After that, your rate floats with the market

Not many lenders offer such a variety of types of mortgages.

Refinancing with Caliber Home Loans

Homeowners who are looking to refinance their existing mortgage can choose between several refi loan options at Caliber.

Rate-and-term refinance: Exchange your original mortgage for a new one that has a lower interest rate or more favorable loan terms
Cash-out refinance: Access your home equity by replacing your current mortgage with a new, larger loan amount, and then receiving the difference as a lump sum of cash.
FHA Streamline Refinance: No cash-out but allows you to refinance with minimum fuss, perhaps without an appraisal. You must be current with your mortgage payments
VA Streamline Refinance (IRRRL): Like the FHA Streamline Refi but for VA loans

Caliber’s refinance rates are similar to its home purchase rates, but you’ll need to get a quote to see the specific rate that you qualify for.

Homeowners who want to tap their home values without refinancing will need to look elsewhere. Caliber does not offer either a home equity loan or home equity line of credit (HELOC).

Where can I get a home loan with Caliber?

You can apply for a Caliber Home Loans mortgage in all 50 states, including the District of Columbia. You can begin your loan application process online. But very soon you’ll be talking to a loan officer, or “loan consultant,” as Caliber calls them.

You can also call to begin that loan process or to schedule a face-to-face meeting with someone in a branch. According to NMLS, Caliber Home Loans currently has brick-and-mortar branches in most states, including:

AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI, and WV

That said, homeowners in those states without branches are still welcome to use Caliber, as it’s licensed in all 50 states. They’ll just need to apply online or over the phone instead of in person.

That shouldn’t be too much trouble, as Caliber’s technology is reputedly as advanced as many end-to-end online lenders.

Is Caliber the best mortgage lender for you?

Caliber Home Loans is a strong mortgage lender in many regards. It offers every major type of home loan. And it’s flexible in helping borrowers qualify with modest credit scores and down payments starting at 3 percent.

However, many lenders offer similar benefits. So be sure to compare mortgage rates from more than one company before settling on the lender you’ll use.